United States · Federal·Updated for 2026·Figures in USD · fees and terms are set by your lender
Recast vs Refinance Calculator (2026)
Have a lump sum and want a lower mortgage payment? You can recast the loan or refinance it. Enter your loan and the lump sum, add a refinance rate and closing costs, and see which route costs less. Below the calculator, we set out what Chase, Wells Fargo and Bank of America publish about their own recasts.
Leave blank to skip. Use the rate you were quoted, for example 5.5%
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From your lender's loan estimate. Left blank, they count as $0
Enter your balance, rate, months remaining and lump sum. Your new payment appears here as you type — there is no button to press.
Calculating
Recast or just pay it down?
The same money usually saves far more interest when it shortens the term, but the recast is what lowers your monthly bill. Which is right depends on whether you need cash flow now or less interest overall.
RecastLowers your bill
Payment
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Term
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Interest saved
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Cost
a fee
Extra principal paymentSaves more interest
Payment
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Term
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Interest saved
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Cost
free
Enter your loan details above to compare the two routes with your own numbers.
Recast or refinance?
Both routes start with the same lump sum and the same remaining term. The refinance uses your new rate and pays closing costs; the recast keeps your current rate and pays the recast fee.
RecastKeeps your rate
Rate
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Payment
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Upfront cost
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Total paid, lump sum included
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RefinanceChanges your rate
Rate
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Payment
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Upfront cost
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Total paid, lump sum included
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Enter a new refinance rate above to compare the two routes with your own numbers.
Is the fee worth it?
Enter your loan details to see how long the recast fee takes to pay back.
A recast fee is a flat charge, typically $150 to $500, whatever the size of the lump sum. Divide it by how much your payment falls and you get the months it takes to earn the fee back. Under 12 months is generally worth it. Fees vary — confirm yours with your servicer.
Show the mathsSee how this was worked outHide
Assumes a fixed rate, level monthly payments and a servicer that re-amortises over the same remaining term. Your servicer's figures may differ by a few cents. Fees, minimums and eligibility are set by your servicer — confirm them before relying on any result.
Updated ·Source: Lender pages·Runs entirely in your browser — nothing is uploaded
A recast, also called re-amortisation, is when you pay a lump sum toward your principal and your lender recalculates your monthly payment on the lower balance. Your interest rate and payoff date stay the same. Only the payment falls. For the full detail, and the loan types that qualify, see our mortgage recast calculator.
Recast vs refinance
Recast
Refinance
What it does
Re-calculates your payment on a lower balance
Replaces your loan with a new one
Interest rate
Stays the same
Can go down (or up)
Cost
A fee, if the lender charges one
Closing costs on the new loan
Needs a lump sum
Yes
No, though a cash-in refinance uses one
Best when
You like your rate and want a lower payment
Rates have fallen well below yours
Here is the same $50,000 lump sum on a $400,000 balance at 6.5% with300 months left. Recast, the payment falls from $2,700.83 to $2,363.23. Refinanced at an example 5.5% with $6,000 of closing costs, it falls to$2,149.31. A hypothetical example for the worked comparison — not a market rate or a quote.
Chase, Wells Fargo and Bank of America recasts
Last verified September 24, 2026. A snapshot of what each lender publishes on its own website, read on the date above. Lenders can change these terms at any time and without notice, so confirm with your lender before you rely on any of it.
Only figures stated on the lender's own pages are shown. Where a lender does not publish a figure, it is marked 'Not published' — nothing is estimated, and third-party sites that quote different numbers are not used.
Chase
Wells Fargo
Bank of America
Recast fee
Not publishedChase's recast page says "Fees may apply" but gives no amount. Its education page says a lender "may charge a fee to recast your loan, but it's usually less than traditional closing costs."
No transaction fee"No transaction fee is required for the recast option."
No fee"There is no fee for a recast of your loan."
Minimum payment
No minimum amountChase says there is "no minimum amount required," and adds that a recast after a small principal reduction "will not significantly lower your payment."
$10,000 or more"After you make a principal payment of $10,000 or more, we'll recalculate your monthly principal and interest payments."
$5,000 in principal curtailment payments over the last six monthsThis is the total of your principal payments over six months, not necessarily one lump sum. After you request a recast you have 30 days to submit the minimum.
Eligibility
FHA, VA and USDA loans are not eligible. The loan must be in good standing. Availability depends on investor guidelines and can change without notice.Chase also says it "retains the right to stop offering recasts at any time."
Eligibility must be confirmed by calling a home mortgage consultant. Its learning page describes the option for jumbo loans with a 10.01%–19.99% down payment on a primary residence, up to a $2,000,000 loan.Wells Fargo also notes you may pay more interest over the full term than by making the same principal reduction without a recast. We did not find a published recast page for Wells Fargo's other loans, so nothing is stated for them here.
The first six months of payments must be made and the mortgage must be current. A recast can be requested once every rolling 12-month period.The page does not state any loan-type restrictions, so none are claimed here.
How long it takes
Not publishedNeither Chase page gives a processing time.
Not publishedWells Fargo says only that "certain timing and other requirements" are explained when a recast is requested.
Payment updated within 2 business days of receiving your signed agreementBank of America says it will update the payment "within 2 business days" of receiving the signed agreement, assuming there are no issues.
Scope
Chase mortgage recasts
Its jumbo loan recast option — the only Wells Fargo recast terms we found published
Quoted words come from each lender's own pages. Other lenders and servicers set their own terms, so check yours.
Recast fees and timing
Of the three, Bank of America publishes both a fee (none) and a timeframe (2 business days after it receives your signed agreement). Wells Fargo publishes no transaction fee for its jumbo recast option but no timeframe, and Chase publishes neither a fee amount nor a timeframe.Across published lender guides, recast fees are commonly quoted as a flat charge of about $150 to $500 — but that is not any one lender's fee. Whatever the fee, divide it by how much your payment falls to see how long it takes to earn back. Under12 months is generally worth it.
Recast vs refinance FAQ
How much does it cost to recast a mortgage?
It depends on the lender. Bank of America says there is no fee for a recast. Wells Fargo says no transaction fee is required for its jumbo recast option. Chase says fees may apply but does not publish an amount. Guides across the industry commonly quote a flat fee of about $150 to $500, but that is not any one lender's published fee. Ask your lender for the figure in writing.
Can I recast with any lender?
No. Recasting is the lender's choice, not a right. Chase says it does not recast FHA, VA or USDA loans, that availability depends on investor guidelines, and that it can stop offering recasts at any time. Wells Fargo describes its recast option for jumbo loans and asks you to confirm eligibility with a home mortgage consultant. Bank of America requires six months of payments and a current loan. Check with your own servicer before you plan around a recast.
Recast vs refinance: which is better?
If you like your rate, a recast is usually cheaper because it avoids closing costs. If you can get a meaningfully lower rate, a refinance can save more over time even after its costs. In the example above, a refinance to 5.5% with $6,000 of closing costs costs $58,424.72 less over the term and earns back its extra cost in about 27 months. Enter your own rate and costs in the calculator to see your answer.
How long does a mortgage recast take?
Only Bank of America publishes a timeframe: it says it will update your payment within 2 business days of receiving your signed agreement, assuming there are no issues. Chase and Wells Fargo do not publish a processing time, so ask your servicer when the new payment will start.
Does a recast change my interest rate or payoff date?
No. A recast keeps your interest rate and your payoff date. Only the monthly payment changes, because the lower balance is spread over the same remaining term. A refinance replaces the loan, so it is the route that can change your rate.
How accurate is the comparison?
It assumes fixed rates and level payments. The refinance side is a cash-in refinance: the same lump sum reduces the balance, the rest is refinanced at your new rate over the same remaining months, and closing costs are paid in cash. Real refinances can change the term, roll costs into the loan or affect escrow, which this does not model.
Planning defaults only. The fee range, the $5,000–$10,000 minimum lump sum and the loan-type map reflect commonly published lender guidance. They are not a rule and not the policy of any specific lender or servicer. Recast availability, fees and minimums are set by each servicer — you must confirm them with your own servicer before relying on any result. The 12-month fee-payback threshold is a rule of thumb, not a lender rule.
